ETH Living by the channel

A break above or below this channel will be a clear signal to go long/short. For now I'm long with a small position.

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With ETH having spent the majority of it's time in this channel in the lower half, it's nice to see it didnt even touch the bottom of the channel on our last drop. Next bullish sign would be staying in the top half of the channel for an extended period of time, or a full break above as originally stated.

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zoomed out from last update

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We've done well to bounce off the middle of our channel after pushing above it. Next big target to break will be the .618

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We broke out of our channel, but looking to day chart, we actually bounced off the top,

aside from that, we can see our wick extends to pretty near our 1.0 retracement line from our fib channel before getting rejected, we are now stuck just below our 0.681

I expect us to break above it soon and within a few days hopefully we see a daily close above the channel. That being said, the fact that we had such an insane couple days of pumps but still failed to actually close outside our channel, this could indicate a massive trap. I'm keeping my stops tight because of this possibility, but I did actually add to my long on this last pullback around 204 as it seemed to find support on the .5 fib channel.

kdenery

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kdenery